On November 1, 2021 Compass Therapeutics, Inc. (the "Company"), a clinical-stage biopharmaceutical company developing proprietary antibody-based therapeutics to treat cancer, reported that it has priced an underwritten public offering to sell 35,715,000 shares of common stock at a public offering price of $3.50 per share (Press release, Compass Therapeutics, NOV 1, 2021, View Source [SID1234594047]). All of the shares of common stock are being offered by the Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 5,357,250 shares of common stock at the public offering price, less the underwriting discount. In connection with the offering, the Company also announced that its common stock will begin trading on the Nasdaq Capital Market under the symbol "CMPX" at the opening of trading on November 2, 2021, following its previously announced approval to list its common stock on the Nasdaq Capital Market. The gross proceeds to the Company from the public offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $125.0 million.
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The offering is expected to close on November 4, 2021, subject to customary closing conditions. The Company intends to use the net proceeds from the public offering, together with its existing cash and cash equivalents, for funding of ongoing operations including clinical trials for the programs noted in the preliminary prospectus supplement, which may change based on clinical and preclinical results.
SVB Leerink is acting as book-running manager for the offering. Raymond James & Associates, Inc., Wedbush Securities and H.C. Wainwright & Co. are acting as passive book-running managers and The Benchmark Company and Roth Capital Partners are acting as co-managers for the offering.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (No. 333-257821) that was declared effective by the Securities and Exchange Commission on July 20, 2021. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website located at www.sec.gov. A final prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may also be obtained, when available, from SVB Leerink LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.